Oasis, Metaverse and El Dorado’s Acceptance of Bitcoin

The Oasis Foundation announced the launch of a $160 million investment fund in collaboration with a host of major venture capital firms. This foundation has been a long-term, inactive layer 1 project with a focus on privacy. With this announcement, there are signs of life coming back to this project. The following are the major venture capital firms according to a press release: Dragonfly Capital Partners, Draper Dragon Fund, Electric Capital, FBG, Jump Capital, Kenetic Capital, NGC Ventures, and Pantera Capital.

The announced launched fund will be used to seed early-stage projects building on Oasis, including “Defi, NFTs (non-fungible tokens), metaverse, data tokenization, data DAO, data governance” and other projects.

Binance’s integration with Arbitrum

Integration in the crypto space is limitless and comes with the speed of light. Binance announced that its users can deposit ether via Arbitrum as it has completed the integration of Arbitrum One main net, a scaling solution for the Ethereum network. According to the announcement from the exchange, users have been assigned ether deposit addresses. Also, the exchange will open withdrawals at a later, unspecified date.

According to Coindesk report, “this is fairly big news because it will enable more people to use Arbitrum without having to touch Ethereum.” Currently, users have to go onto a different network, then bridge to Aributrum, which can be expensive.

eToro to delist Tron and Cardano

On Tuesday, eToro an Israeli cryptocurrency exchange announced that it would delist Cardano (ADA) and Tron (TRX) for United States customers by the end of the year. U.S. users will no longer be able to open new positions in the tokens nor stake ADA and TRX after December 31. Users will be allowed to withdraw their assets from the exchange, as wallets will be effectively in withdraw-only mode until the first quarter of 2022 and selling will also become limited.

Acala crowd loan

Decentralized finance (DeFi) platform Acala won the first coveted Polkadot para chain slot after days of struggling for first place with Moonbeam. Participants in the Acala crowd loan will be rewarded with a native Acala (ACA) token to be used for network fees, staking, governance and so on, as well as a liquid crowd loan token (lcDOT) that can be used on the network as collateral while users’ DOT is locked up.

According to Reecer, the main complaint we were getting from people was that two years is a long time to lock up their DOT, so we built what is basically a crowd loan derivative of that. So now when people contribute through Acala, they get ACA, of course, but then they also get this lcDOT, which allows them to have a liquid form of the DOT they contributed.”

The winner was decided by the candle auction process, which randomly selected a block from the past seven days, at which point Acala was in the lead.

Metaverse and NFT

The metaverse aspect of the crypto space is becoming more interesting as the gaming and NFT is market continues to grow. Several gaming companies are creating virtual worlds within a metaverse where the same NFTs can be traded in a whole new scenario.

Axie Infinity tweeted late Thursday making it known that a lucrative land plot within the monster-battle fantasy nonfungible tokens, or NFTs, game sold for 550 ETH ($2.3 million). Axies are creatures that users command to duel other players, battle enemies, and complete daily quests. They are also NFTs that can be bred (minted), bought, and sold freely.

A Genesis Land Plot just sold for 550 ETH!
That’s over 2.3 M USD! Our player-owned Digital nation continues to shock the world 
— Axie Infinity (@AxieInfinity) November 24, 2021.


Putin on Crypto-currencies: It’s not backed by anything, colossal volatility

Vladimir Putin expresses his view on cryptocurrencies, saying they bear high risks. According to a Cointelegraph report, it is not backed by anything, [and] the volatility is colossal, so the risks are very high. We also believe that we need to listen to those who talk about those high risks, said Putin. The remarks came at a time when the country’s crypto regulatory framework remains underdeveloped.

The President called for greater monitoring and regulation of cryptocurrencies and pointed out that certain countries worldwide are seeing significant adoption of digital currencies. Regulation of cryptocurrency is not that serious yet in Russia; though the government is considering the launch of a central bank digital currency, at least eight federal laws and five legislative codes must be changed for the digital ruble to take effect.

Bank of England governor on El Salvador accepting Bitcoin as legal tender

Andrew Bailey, Bank of England governor has expressed is concerns over El Salvador’s adoption of Bitcoin (BTC) as legal tender after President Nayib Bukele announced the launch of Bitcoin City. His major concerns are for consumers who are likely to suffer from the cryptocurrency’s extreme volatility and the decision to adopt Bitcoin as a currency by El Salvador is very alarming.

“It concerns me that a country would choose it as its national currency,” Bailey said at the Cambridge University student union appearance, Bloomberg reported on Thursday.

Bitcoin was trading around $43,000 on the first day of El Salvador’s Bitcoin adoption as legal tender, Bitcoin surged to a new historical high above $68,000 on Nov. 9. BTC’s price has significantly tumbled since then, with Bitcoin trading at $54,626 at the time of writing.

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